Share on facebook
Share on twitter
Share on linkedin

How To Start A Physical Therapy Business The Right Way

Physical therapy is the art of helping people to deal with physical issues through the use of exercise, manipulation, and medication.

The aim is to restore movement or function while minimizing any pain. It is important that any physical therapist is properly qualified and has the best interests of the patient at heart.

In the majority of cases, this is true, but there are medical product suppliers that give ‘kick-backs’ to encourage the use of their products. To show your authenticity, especially with a new physical therapy clinic, it’s important to be aware of the sunshine act compliance & aggregate spend reporting solution. It makes sure the link between a physical therapy clinic and a supplier is transparent.

Market Research

The first step in starting a physical therapy clinic is to do your research. It’s important to confirm there is market availability. You need to confirm what type of patients are in your area and what level of care they need.

You then need to decide why they would choose your clinic over another.

Don’t forget to have a look at existing practices, they will be your competition.

The Niche

The key to successfully starting a physical therapy clinic is to select a niche that is currently under-populated or doesn’t even exist.

This will help to ensure you actually have customers when you open the doors. It will also help you to devise a marketing strategy.

Cash or Insurance?

You can opt to look after private patients and take cash for your services; Alternatively, you can link with insurance companies and deal with patients as they are referred to you.

It’s worth noting that insurance companies reduce the amount of paperwork you have to do. But, they may also have low reimbursement rates, putting financial pressure on your clinic. If you choose to accept insurance, software for physical therapy billing can make this process more streamlined, saving you both time and money.

 Legal Obligations

You can’t start trading unless you are properly registered and insured. Make sure you check with your local licensing board to ensure you’ve ticked all the right boxes before you see your first customer.

It’s essential to know the rules as this could make a big difference if you have any issues in the future. You should consider talking to an attorney to get the best possible advice.

Business Plan

Once you know everything you need to do you need to create a complete business plan. This will provide an accurate picture of what funds you need to get started and how much income you’ll need to bring in.

This should help you to decide where your new business is heading and, if necessary, to get financial backing. You can get commercial finance, talk to family and friends, or even try investors.

Get the Right Spot

Having thoroughly researched the market you’ll know where your business needs to be and will have to start looking for the right premises there. The building needs to offer a waiting area and a treatment room, as well as adequate parking.

You can then negotiate your lease and start advertising your new business.

Join Our Small Business Community

Get the latest news, resources and tips to help you and your small business succeed.